Kingsway Arms Retirement Residences Inc.
TSX VENTURE : KWA

August 29, 2015 10:44 ET

Kingsway Arms Retirement Residences Inc. Announces Exercise of Common Stock Options/Common Share Purchase Warrants and Early Warning Notice of Chairman Dan Amadori

TORONTO, ONTARIO--(Marketwired - Aug. 29, 2015) - Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA) (the "Company" or "Kingsway") announces that Officers, Directors and consultants of the Company have exercised a total of 650,000 common stock options at an exercise price of $0.05 per share for total proceeds to the Company of $32,500. The 650,000 stock options were issued by the Company on April 17, 2015.

The Company also announces that Dan Amadori, Chairman of the Board of Directors, has exercised 1,020,000 common share purchase warrants, each exercisable into one common share at an exercise price of $0.05 per warrant for total proceeds to the Company of $51,000. The 1,020,000 warrants were issued in private placements completed by Mr. Amadori on December 16, 2013 (300,000 warrants) and on January 23, 2015 (720,000 warrants).

Mr. Amadori, upon the exercise of these warrants, has ownership, control and direction over an aggregate total of 3,140,000 common shares representing 15.4% of the issued and outstanding shares of the Company. Mr. Amadori also has ownership, control and direction over (directly and indirectly) 1,100,000 common share purchase warrants, each exercisable into one common share, and 500,000 common stock options, each exercisable into one common share. Assuming the exercise of these convertible securities, Mr. Amadori would have ownership, control and direction over an aggregate total of 4,740,000 common shares, which would then represent approximately 21.7% of the securities of the Company at that time.

The securities are being held by Mr. Amadori for investment purposes. In the future, Mr. Amadori may, whether individually or on a joint basis, directly or indirectly, increase or decrease his beneficial ownership in the securities of the Company depending on factors including, but not limited to, the business and prospects of the Company as well as market conditions, whether in the open market or by way of private placement or otherwise.

Safe Harbor Statement:

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: our inability to obtain additional financing on acceptable terms; risk that our facilities will not gain widespread market acceptance; inability to compete with others who provide comparable facilities. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "assuming", "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.

This press release is not an offer of securities for sale in the United States. The securities of the Company referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended. Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Mr. Dan Amadori
    Chair, Board of Directors
    416-644-4361